While it seems like Shiba Inu (SHIB) has slipped from the limelight, the meme coin and its community are actually making significant moves. Komodo, a blockchain protocol known for pioneering AtomicDEX technology, has launched ShibaDEX, Shiba Inu’s first cross-chain decentralized exchange.
Shiba Inu launches into the wider metaverse with a new cross-chain DEX
The Komodo team stated that ShibaDEX is unique from other decentralized exchanges and cross-chain bridges in the crypto industry. ShibaDEX is blockchain agnostic by leveraging Komodo’s AtomicDEX API.
This means that the protocol does not rely on any particular blockchain per se as is usual in the crypto space.
ShibaDEX also beats the security and centralization challenges raised by automated market maker (AMM) DEXs, the team revealed. The platform allows users to perform transactions on a wallet-to-wallet basis “via decentralized order books,” as swapping via a centralized liquidity pool exposes users to impermanent loss and rug-pulls.
Komodo’s CTO, Kadan Stadelmann, who is also a co-founder of the DEX said:
“ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins. It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.”
From the start, ShibaDEX is allowing users to store and trade SHIB (ERC-20 and BEP-20 versions), LEASH, and BONE from the non-custodial ShibaDEX wallet. Trading SHIB with BTC, ETH, BNB, MATIC, and many other assets natively across their respective blockchains is also possible.
ShibaDEX is the second decentralized exchange in the Shiba Inu ecosystem. The first, ShibaSwap, was launched last year and ranked in the top 10 most popular exchanges in the Ethereum ecosystem at the time. At present, ShibaSwap is ranked at 14 in terms of DApps per data from DappRadar.
SHIB price putting up a robust upsurge
The price of SHIB has been on a rise along with the rest of the crypto market. SHIB has gained about 2.56% of its value on the day, currently trading at $0.000027. However, the crypto asset price is up 15.8% in the last 7 days.
Added with other bullish signals including the expected takeoff of the Shiba Inu metaverse, continued whale purchases, and increased token burn, market participants expect the price of SHIB to gain pace again in the market.
In the short term, the technical analysis provided by FXStreet is anticipating “an explosive rally to $0.00005” for SHIB. Meanwhile, an automated analysis by crypto price prediction platform, Wallet Investor, is forecasting a $0.0000539 SHIB price in the next year.